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I just sold my car and don't want to lose the sale just because my buyer is having problems with the financing.
He just came to this country from India and has a high paying job but no credit history so the banks are declining him. He might have a co-signer but I thought the bank takes the title for collateral....if that is hte case why are they so worried?
Can anyone give me any bank leads that might work out with this fellow?
THANKS!
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I have found banks are usually a little more comfortable loaning you money when your paycheck is auto-deposited in their bank.
I have also found credit unions to be easier to deal with than traditional banks.
My credit union just floated a car loan to a recent high school graduate (19 years old) friend of mine who works as a cook in a local restaurant.
If it is within the norms of etiquette here I will be happy to post the name of my credit union (been with 'em for 23 years). Else, PM me.
| | Reply » Auto Loans |
Quote: I just sold my car and don't want to lose the sale just because my buyer is having problems with the financing.
He just came to this country from India and has a high paying job but no credit history so the banks are declining him. He might have a co-signer but I thought the bank takes the title for collateral....if that is hte case why are they so worried?
Can anyone give me any bank leads that might work out with this fellow?
THANKS! | Be very, very careful...
It doesn't matter if your potential buyer is from India, or a 16 year-old from the local high school... You don't have a potential buyer, if they can't pay for the car.
If you have ever owned rental property, you'll learn that many people are not as they appear..
regards,
kyfdx
| | Reply » Auto Loans |
Quote: | If you have ever owned rental property, you'll learn that many people are not as they appear.. | Tell me about it. And you wouldnt believe what it takes to evict someone from YOUR property when they just decide to stop paying rent, utilities, etc.
| | Reply » Auto Loans |
Quote: Be very, very careful...
It doesn't matter if your potential buyer is from India, or a 16 year-old from the local high school... You don't have a potential buyer, if they can't pay for the car.
If you have ever owned rental property, you'll learn that many people are not as they appear..
regards,
kyfdx | That's ok for his case. Because he just help the buyer find the bank to borrow him the money. If he can help the buyer find one, he gets the full amount and the buyer owe bank the money.
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Yeah he is legit, he just has no credit history or employment history. He went to college in India and just came here and is renting a car. Wants to buy a car but can't get a loan............he makes good money and has a good job at a good company. I have met him at work.
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